This bill proposes a new refundable tax credit for the conversion of underutilized buildings in Minnesota, codified under a new section in Minnesota Statutes, chapter 290. The credit allows for a refund or grant equal to up to 30% of qualifying conversion expenses for projects that meet specific criteria, such as retaining a significant portion of the existing structure and converting it to a new use. The bill outlines the application process, eligibility requirements, and the establishment of a conversion credit administration account to manage the program. Additionally, it mandates annual and comprehensive reports on the economic impact of the projects and includes a sunset provision, expiring after fiscal year 2030, with certain conditions extending the authority to issue credit certificates until 2034.

The bill also emphasizes stakeholder engagement by requiring the commissioner of employment and economic development to hold a public hearing after developing the application materials for the credit program. This process aims to gather feedback and make necessary revisions to ensure the program's effectiveness. The effective date for the tax credit provisions is set for taxable years beginning after December 31, 2024, while the public process section becomes effective immediately following final enactment.